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"Threat actors are experimenting with Gemini to enable their operations, finding productivity gains but not yet developing novel capabilities."
– Google says that hackers have been using its GenAI solution.
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Sponsored |
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💰💰 |
Home insurance startup Openly announced a $193 million growth financing round led by Eden Global Partners, a merchant bank that specializes in long-term capital solutions, and Allianz X, the investment arm of Allianz. The round includes participation from various existing investors.
Openly's growth financing includes $123 million in equity capital, led by Eden Global Partners, and a $70 million senior note from Allianz X. Eden's investment in Openly follows its initial investment as the Series D lead.
Founded in 2021, Openly distributes home insurance exclusively through independent agents and coverage is available in 24 states. In 2023, the startup generated $301 million in written premiums for Rock Ridge Insurance Company, its carrier partner. Last year, Openly added another carrier partner – MS Transverse Insurance Company. The startup's carrier subsidiary, Openly Insurance Company, reported $16 million in (assumed) earned premiums and a net underwriting loss of $11 million for the first nine months of 2024.
"Openly has rapidly emerged as a leader in the insurtech space, renowned for its commitment to sustainable growth, cutting-edge technology, and sophisticated underwriting capabilities. We are confident that this enhanced partnership will empower Openly to leverage its unique strengths and accelerate its impressive growth trajectory." – Dr. Nazim Cetin, CEO of Allianz X.
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Element + Hub |
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Element Fleet Management, "the largest publicly traded, pure-play automotive fleet manager in the world," announced the launch of Element Risk Solutions – a fully integrated risk management offering in partnership with Hub International.
The offering bundles insurance coverage solutions, including accident management, subrogation, driver safety programs, and telematics, to deliver a seamless, vehicle life-cycle experience for clients.
Headquartered in Canada with offices in North America, Australia, New Zealand, and Ireland, Element provides end-to-end fleet management services and solutions. The company has 1.5 million vehicles under management and over 4k clients.
Element Risk Solutions, which will be offered in the US and Canada, will be available in Q1 of 2025.
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Waterlily, a startup using AI to predict the long-term care needs of individuals "decades before they happen," announced the closing of a $7 million Seed round led by Brewer Lane Ventures, with participation from Genworth, Nationwide, Edward Jones, Tim Kneeland (former CEO of GE Insurance & Transamerica LTC), and others. Waterlily previously raised $2.2 million in Pre-Seed funding.
Founded in 2021, the San Francisco-based startup claims to analyze over 500 million data points to build a comprehensive care plan while presenting the ROI of purchasing an insurance policy for these needs.
Since launching in March 2024, Waterlily has deployed programs with Prudential, two additional top 40 carriers and one of the nation's largest IMOs. The platform can be used by financial advisors, insurance carriers, insurance distributors, and independent agents to help their clients build plans for their long-term care.
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Catalyst |
Financial services company focused on educators Horace Mann announced the launch of Catalyst, a platform designed to "transform how agents connect with and support educators." Some of the platform features include predictive analytics, seamless document integration, streamlined marketing capabilities, and conversion of non-digital content into structured data.
"By prioritizing cutting-edge solutions and investing in our agency force, we are strengthening our position as a leader in supporting those who serve our communities." – Steve Chauby, head of marketing and distribution at Horace Mann.
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🤝 |
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Battleface announced its partnership with Wingie, "one of the leading travel marketplaces in the MENA region." As part of the partnership, Battleface's travel insurance solutions will be embedded into Wingie's booking process.
The Wingie platform is available in six languages and attracts approximately 200 million visitors annually. |
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Raising |
According to a report by Sky News, British insurance startup Marshmallow, which offers car insurance with a focus on people moving to the UK, is in the process of raising "tens of millions" at a valuation of more than £1.5 billion.
Marshmallow made a profit for the first time in 2022, and in 2023, it had another positive year with ~£1.7 million in net income.
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Now Hiring |
The Hanover, Travelers, Acuity Insurance, Galecki Search Associates, American Family Insurance, Berkshire Hathaway GUARD, Nationwide, Protective Life, USAA. View open positions. |
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This Month on Coverager Data |
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